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We believe that there will be a long pause in RBI's rate action and this will lead to bond yields remaining in a very tight range in the near term
01-Sep-2017 (11:05)
We believe that Indian equity is a very promising asset class to invest in, over the medium term, despite the recent smart run up in the market
01-Aug-2017 (14:52)

Mr. Pradeep Gokhale
In an interview with Anjali Raulgaonkar from Capital Market Publishers, Pradeep Gokhale, Senior Fund Manager, Tata Asset Management said, There is a saying 'Never say never' and this is true in the investment business also where there are examples of companies staging smart turnarounds from the brink of bankruptcy.

Excerpts:

  1. Market is at all-time highs and we have seen domestic liquidity driving this market. How are you approaching market right now?
  2. Markets have had a good run since the beginning of this year and both domestic investors through MFs and FII have been buying equities. Valuations,for both Sensex as also the broader market are higher than long term averages but are by no means excessive.Valuations have gone up factoring in the improvement in India's macro-economic factors such as inflation, fiscal and current account deficit and declining interest rates. Now, earnings need to pick up for the markets to progress from here.

    Over the last few years, earnings growth has been weak due to issues such as high NPA levels in the banking sector, weak commodity prices, sector specific issues in IT and Pharma and recently the disruptions caused by demonetisation and introduction of GST. We feel the effect on earnings from many of these factors will start receding in the next six months and with good monsoons earnings growth should start to pick up. In the interim, we may see higher volatility in the markets.

  3. What is your investment space?Any stock specific traits which makes it part of your portfolio? What?
  4. We have an investment universe of about 450 companies. We prefer companies that compound their earnings over a longer time frame and which maintain a decent return on capital employed in the business. Management quality is another important aspect we consider before investing in companies. We believe buying a stock at a reasonable price is critical for longer term investment returns. Hence the valuation at which a stock is trading is a very important consideration. We also look at liquidity of the stocks and portfolio. Thus earning growth potential, return on capital employed, management quality, valuation and liquidity are the key parameters on which we base our investment decisions.

  5. What kind of stocks you avoid, why?
  6. There is a saying 'Never say never' and this is true in the investment business also where there are examples of companies staging smart turnarounds from the brink of bankruptcy. That apart, generally I try to avoid businesses with low entry barriers or where the level of value addition by managements is low, companies with high debt levels and history of capital misallocation.

  7. Is there any pre-emptive miss you regret (for instance, not investing in a stock or not possessing enough of it)?
  8. We did not have enough weight in the metals sector during 2016. We did pick some metal stocks at low valuations during February - March 2016 but booked profits early.

  9. What will be your advice to investors?

We believe that Indian equity is a very promising asset class to invest in, over the medium term, despite the recent smart run up in the market. This is because Indian economy has several structural advantages such as favourable demographics (high share of working age population), low levels of household debt, a large domestic economy with low dependence on exports or global commodities, increasing urbanisation and continued focus on economic reforms. Thus investors should systematically invest in the markets and use market volatilities to their advantage.

One has to be selective in identifying the companies /sectors with high growth potential
05-Jul-2017 (18:30)
Match the investment horizon and risk appetite to the scheme selection
08-May-2017 (14:53)
In India ETFs are still at a nascent stage and the retail participation is very low
27-Mar-2017 (14:06)
Earnings recovery would be important for the markets going ahead
02-Mar-2017 (14:47)
Given firm crude prices and rising commodity prices, we expect inflation to go up to 4%-4.50% in H1FY18
28-Feb-2017 (12:25)
Demonitisation has stalled the uptick in consumption cycle
31-Jan-2017 (13:21)
We expect inflation to undershoot RBI's target of 5% by March 2017
09-Dec-2016 (17:30)
In the medium to long term, the Indian equity market will be primarily swayed by the trajectory of earnings growth
08-Dec-2016 (16:41)
Potential increase in house rent allowances and GST implementation could push headline inflation above the RBI's 4%+/-2% target in 2017
03-Oct-2016 (16:00)
We would therefore advise investors to continue to invest systematically in Indian equities and use any volatility caused by global factors to their a
28-Sep-2016 (18:36)
We expect the bond yields to come down by further 15-20 bps over the next 6 months
17-Aug-2016 (14:33)
We are running a maturity of 13 to 14 years in our Quantum Dynamic Bond Fund as we expect easy liquidity and cut in repo rates in the coming months
26-Jul-2016 (14:42)
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